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Data Integration Demo with RightCapital and Broadridge Wealth Aggregation and Insights

Missed our live session on "Data Integration Demo with RightCapital and Broadridge Wealth Aggregation and Insights?” Don't worry! You can now catch the recording at your convenience.

In this engaging and insightful webinar, join industry experts from RightCapital and Broadridge as they explore how our cutting-edge data accuracy and financial wellness solutions seamlessly integrate with RightCapital’s powerful financial planning tools.

During the webinar, you’ll discover:

  • An overview of both platforms
  • Key benefits of each platform
  • How these platforms complement each other to empower financial advisors
  • Easy steps to establish the integration between the platforms
  • How integration can streamline processes and enhance client offerings

Unlock the full potential of your financial planning capabilities by watching the webinar recording now!

Video Transcript

Speaker 1 : All right, well, we'll jump right in again. Thank you, everyone for joining us here today. We're very excited to bring you a detailed overview of the Broad range. Right. Capital integration and demonstration of on both platforms. My name is Ted Benbow. I head up our sales here at Wright Capital. I'll turn it over to Paul in just a second. From Broadridge. Who will take it over? And as I mentioned earlier, we're going to go through today's program, do a review of, both Wright Capital and Broadridge talk about the integration, how it works, and you'll have plenty of time for questions. So please just type them in the Q&A box and then we'll address those at the end. So from there, Paul let you take it over.


Speaker 2 : Awesome. Thanks, Ted. Paul Camuto I run the Wealth Aggregation and Insights business unit for Broadridge and within the fintech industry and landscape for 20 plus years now, and primarily, advisor experience, wealth reporting and really excited to be here with Ted and write capital when when you think of innovation and thought leadership. Right. Capitals on the cutting edge and so are we at Broadridge. So it makes sense to do a data integration together. And that's why we're here. So I appreciate it. Ted, and thank you for letting us be a part of this, webinar. Excellent. With that, let me, jump into an overview on wealth aggregation and insights. So Ted set the kind of framework for the agenda where we're going to walk through the first piece of the application, the foundation where the data comes in from. We'll go into the planning, aspect with, with right capital, and then we'll talk about how to actually enable the data share itself. Historically when you when you think of a broadridge, trade confirms proxy statements, that's typically at the forefront of what Broadridge is known for. And within wealth, we do a lot more than just that transactional processing of, paper and of data. We actually provide a full end to end solution for the advisor and the investor to collaborate together, whether it's advisor, compensation, advisor, websites, digital marketing, and then our platform and product wealth aggregation and insights. So the way that this slide is divided here from left to right, there's two two different pillars, two different channels of the actual solution itself. The first half or you know, the left side of the, of the quadrant here in theory, right, is just being able to not only ingest the data but to process it. Right. It's not enough to just take in and replicate the data and distribute it down to be made ready for client use. There's a whole data quality check and process that we overlay on top of that. So whether it's direct brokerage business, we're getting mutual fund insurance, annuity accounts, managed accounts, alternative accounts. We can also pull in held away account. So think of your 529 accounts, your HSA accounts your 41K accounts. And then we, supplement that with a suite of AI driven, financial wellness tools. So think of budgeting. Think of, insights into, large transactional activity. Right? If there is a bonus that was paid or if there's an anomaly in the data, we actually have tools that sit on top that make recommendations or alerts or notifications to both the advisor and the investor, letting them know that there's a possible action or advice that that could be given when it comes to not only their investment data, but their retail, account data as well. So that's that. 360 holistic view on the on the left panel when you take a look at the right hand side of the screen. A lot of times people will think of wealth aggregation or data aggregation in general as just performance reporting. You think of asset allocation balances, rate of return cost basis. Right. That that's the that's the standard when it comes to an aggregation service. What we do really goes above and beyond that. We have a hosted replicated database. If you think of a data warehouse need for compliance and audit purposes, we can actually, get an exact copy of our database structure and tables that could be installed directly on the client site for them to run their own queries and analytics on top of the data set. We have a data share through snowflake that's available. We not only have an advisor investor portal, we have a full document vault. We have, a light prospecting contact management solution. And then I mentioned the financial PFM, financial wellness and PFM tools that we do with budgeting, spending and with our planning partnerships. And then we have our API suite. So we have a whole developer sandbox. If you want to build your own experience to get access into the data, the entire application is built off of, of API. So we're an API first product, and we really haven't built the APIs as an afterthought. So getting access to granular granular level data is, is really, kind of a differentiator for us compared to a lot of other competitors out there. And then we also have real time data. So a lot of times an aggregation solution is t plus one. With some of our data access connections, you're actually able to get instantaneous access to the data once it's credentials and authenticated. So that's a real key part of really just moving forward when it comes to data aggregation and kind of the stale processing that was had that's been accepted for, throughout all the years. You know, we see this as kind of a, a leap forward when it comes to data access is that people want access to their data. Now, when it comes to refreshing and seeing what the latest and greatest is. And then lastly, you know, it touches upon the interoperability, right? Whether it's, CRM, financial planning, risk and analytics. We know the data needs to go to other. Providers, and we play really well in that space. And that's why we're here on the webinar. And lastly, just at the bottom here just gives us a little bit in terms of our our scale and our processing where we're an enterprise grade solution. We've been around for a long time. We service some of the largest broker dealers, independents, within the space and happy to work with those large, small and everyone in between as well too. So with that, I'm just going to quickly pivot to what I think is really one of the most important parts of our application. We have full hour training and demo, sessions, and that's not what this is today. And I just want to just give you a quick little glimpse into some of the things that, set us apart. So let me pause the, sharing here and share my browser real quick. Perfect. Hopefully now you're able to see our book and business landing page. So the view you're looking at is in essence, it could be, a home office, branch or region or a financial advisor just looking at their clients that they're overseeing and managing. And what's really nice about this is it's, it's that holistic view of not just one client or one household, one portfolio at a time. It gives them a lens into all, all their clients that they're managing. And it starts to highlight a lot of the practice management information that's that's necessary to to kind of drill in and find access to the data that, that you need. Right. So whether it's new accounts that have been opened, clients that have a significant cash balance that might need to be invested, it allows you to kind of find the data that you want without having to drill into one client at a time. The last piece I'll show you just real quickly. Here we have, a whole kind of, library, an inventory of worksheets, whether it's understanding what clients are looking at when they're running the application, any type of, open positions or holdings that they have. But just wanted to highlight one of the worksheets. It's the AUM, view. And from here, what's really cool is you're able to search and filter based upon any type of data. So if you want to just get back all your investments within American funds, you can easily and quickly filter that across all of your clients directly here. A lot of times with a lot of the other solutions, you have to run individual reports and set up different criteria. You can do that dynamically right here on the screen. You can filter by various account types, data sources, custodians, etc.. So this is really kind of our, launching pad into all the other, kind of product solutions with within the platform. And, with that, I'm gonna hand it over to Ted to take you through the right capital portion of the presentation. So thank you so much.


Speaker 1 : Excellent. Thank you. Paul. Let me share my screen now, and we'll dig in a little bit now to write capital. So, again, hopefully everybody's familiar with where, comprehensive financial planning solution. Our goal is to bring clarity to the complex, which planning can be? We're a newer company, so we've been around for, handful of years, since 2015. But we are the fastest growing and the highest satisfaction ratings. When you look at T3 and some of the other surveys out there. And I think a lot of that has to do with some of our core structuring capabilities. And we saw it again this year, just last week, out at T3 with the recent survey, we have the most people looking to transition. Most advisors, and firms looking to transition over to us. And that has a lot to do with our flexibility, our ability to make, easily understandable and digestible visuals out of the data and our continuous, evolution of the platform to keep it the latest and greatest within our suite, we can address a host of client needs, from things you'd expect, like retirement planning, social security optimization. We have a really unique tax module, which I'm going to highlight a little bit today. But we also have tools that are geared towards, let's say, younger clients, like budgeting, debt management, student loan management. We have some insurance needs, estate planning and a whole suite of tools that you can customize to your client's specific needs and give them an interactive, engaging experience. We do both cash flow based planning, goals based planning. I'm going to focus today on an a cash flow plan. But again, that all adds to the flexibility to work and engage your clients how you see fit and simple as you want to, as comprehensive as you want. So with that today, what we like to do is go through, kind of common use case, you know, what are the five most common pre retiree planning questions? That may come up and, and how can you address them or answer them or interact with them through financial planning tool like right capital. So with that let's first talk a little bit about our case study. Josh and and here, probably very similar to a lot of the clients that you have in your practice or would like to have, they're in their mid 50s, you know, expect to live into their 90s, like most folks, looking to retire in their mid 60s, a decent earners, couple hundred grand, income today, their expenses, they're expecting a retirement around eight K, and a little over $1 million in assets right. About 1.3 split up. Their a little cash. So again, pretty standard, probably fairly common across a lot of the clients. Hopefully you have in your practice and certainly I'm guessing, clients you wouldn't mind having, into your practice. So what are they thinking about as they're approaching retirement? Right. They're in their 50s. They've got all the standard questions. I think that you probably deal with day in and day out. And these are the five that we've heard most free. From our advisors, and they're pretty straightforward. But big questions, right? When can we retire? That's the first one. In this case, you know, can they retire at 65? Next one, you know, what are they looking to do in retirement? They want to travel more. So what can they spend? You know, what can they do without over, stretching their budget or their income, in those years? And then tied to that. Well, how do you fund it? Right. What's the best way or where do you should we fund that retirement income from. Are there certain approaches that will make it more effective and last longer? A tie to that. And it's a topic on everybody's mind, never mind pre-retirement. But how do you how do you be tax smart particularly in retirement. Right. Because they're they're dealing with a a number of assets that has a life expectancy so to speak. So how can you mitigate and manage taxes most efficiently. You know you look at surveys and I'm sure you've all seen this and heard this more than half of clients, particularly in the pre-retirement retirement age. That's one of their biggest concerns, right? How do I manage taxes so that I have what I need to fund that retirement? And lastly, what we all think about how do we plan for the unexpected. Right. Inflation's up. Taxes are going up. Health care costs are going up, whatever it is. The market's going to swing, as we all know. Well, how can we make sure we're thinking about that and addressing those concerns going forward? So with that, what I'm gonna do now is actually transition, out from here and we're going to go over, to write capital. So this is our financial planning platform today. We're going to stay focused on the advisor view. But again we have a full client portal experience. We even have a mobile facing app that they can use and interact with. But for today we're going to focus on Josh. And and so if we look at their plan again, we're pulling this up from the advisor side. This is where once that data is in and the integrations in place, which we'll talk about a little later. Now you can analyze that assessment and start building out that proposal. And one of the key things is you could do it right here on the spot so you don't have to go somewhere else, make a change, come back, see what happens. We can address those questions right here in this particular area for Josh in here. So in this case we put in all the information we have the current plan. That's our baseline right 69% to achieve those goals savings expenses and strategies. So not great right? We'd obviously like that to be higher. When you start off, your proposed plan will always match that current plan until you start making those changes. So in this case, we already talked with them a little bit. How can we make it a little more comfortable for them? Retire 65. Well, well, we decided and determined. Well, they could spend a little less both in retirement and prior to retirement, which allows them to save more. So we'll bump up their savings in their 41K for those last few years that they're going to work. We talked a little bit about Social Security. We do have an optimizer that looks at what will generate the most income, but you can apply standard approaches or customize it. Today we're just going to roll in the optimal strategy. And then lastly, one of the things, that's a little unique to write capital is we have what we call dynamic retirement spending strategies that you can customize. The one we're gonna apply here today is what we call the smile approach. And if you think about it, it's pretty common to what happens most folks in retirement. Right. Because we know spending is not linear. Things come into play. So maybe in the first few years, ten years, they're going to spend more because they're going to do things that they always wanted to do, right? The proverbial bucket list items. And then maybe in the middle ten years, they're gonna stay at home, spend time with the kids, the grandkids, and so on. And in the latter ten years, unfortunately, with most everybody, right, our health care expenses go up. Our, you know, long term care expenses can come into play. So hence a smile. Right. That little U-shape. So we applied all those, pretty comprehensive items, and we just click refresh. And now we can see the effect on that. So in this case, bump them up into a great spot. They can both retire at 65 in this case, by making those adjustments. And they're up into the mid 90s, for their overall probability success. Well, of course, the inevitable what ifs always comes into play. And let's say and looks at this and said, well, that's great. But what if I want to retire with Josh turn 65 because Anne's a couple of years younger? We say, okay, well, let's take a quick look at it. We just adjust this to 63. So they're both retiring at the same time when Josh at 65. And look no problem. Right. They're still in the lower 90s. Great place to be. And certainly we'll help them achieve that so they can, do that a little better. Well now let's go to that next question. Travel more right. They want to see what can they spend in traveling in retirement. Well, what we could do here. Right. Capital is we want to keep this proposed plan as it is. We could just copy and create a new one. So we just select the proposed plan. We're going to copy that. And we're going to call this the Travel More plan. So we just simply type that in. Check the box here. And now you'll see there's a drop down here so we can switch that over. It's copy that proposed plan, but we want to add a travel goal. So we have that easily set up. You just come down here click in edit. And we want to add a new goal here. So we're going to go in. We're going to go to goals. We're going to go to vacation. And we look at, you know, after talking with them a little bit, but we think they could probably spend around 8000. That's what they like to spend annually. They're going to start this at Josh's retirement and it's going to, occur every year, for ten years. Right. So that's what they're looking at. We just simply apply those quick inputs, click save. And now you'll see it's going to update the plan our travel More plan. Now they're at 90%. So still in a great place to be in that particular scenario. So with that right, we've addressed the can they retire? We address the travel. Well, what about funding? Their retirement income. So we're gonna jump over our tax tab here in this place. We have lots of great tools that can do projections and analysis. But what we look at here is, how do they hit those different brackets throughout their lifespan? And what might be the better approach for drawing down those assets in retirement. And we can look at timing of the different tax buckets. So in this case you'll see we could compare different options. But we're going to look at the standard sequential taxable tax deferred and tax free. And compare that to if they just did a standard pro-rata approach right. If they just drew it down evenly, which is probably what they would do without, great advice from advisors like yourselves. So you can see by applying that, they're in a great place. Let's switch this over to the Travel More plan. Because that's the one we're building on. We see still. Great place. By doing that, they can save over $1.3 million. Well, then the next question, as we mentioned earlier, was how can they be tax smart? So maybe Roth conversions have come up in conversation. We make it very easy to look at. Does it make sense and how much could potentially benefit the plan. So here you just simply set the bracket. So if I set it to 10% and set that tax bracket to 10%, anytime they're below that, we're going to calculate how much they can convert without going over. And we can see that gave them a nice little bump. Now they're up to over $1.4 million. Well I think they said well maybe we should do more right. Maybe that's better. If only 10% was good, we go, okay, we'll go up to 1215. And actually it's less. So it'll show you what the value to the plan could be by simply making those adjustments. So after that, we realize 10% is the target. That gives us a great bump to the overall plan. So now we've addressed those other two questions, right. How do they fund it from the different buckets? And can we do anything to be tax smart? So let's jump back and address the last question. And we'll do that in our stress test. How do you plan for the unexpected. right. So within here we have the ability to stress the plan, by common stressors, things that you probably talk about with your clients on a regular basis or they ask about on a regular basis. Right. What if there is a market drop, in immediately. So in this case we're looking at like, what if we went into a bear market now and then it assumes a year later it kind of normalizes. It goes back. So there's that 20% drop we look at that affects the plan, but really not blowing it up too too much. Right. They're still in the 80s you know around 83%. But we can also look at it. Sorry about that, folks. My, doggies decided to join the webinar today. The next one is. Well, what if that happens at retirement, right? What if you go in a bear market right at retirement? So normal projections to that point, and we have a year where it drops in the normalizes after that. Again, similar scenario. Only in the low 80s. So affects the plan but not blowing it up. And as you see you do that with all the different scenarios. Right. What if taxes go up. What if Social Security's reduced? What if I live too long? You can even do, combine them all together if you want to propose that Armageddon type scenario. In there. So we've addressed all those questions, did it easily through the platform, applied some complex scenarios and it giving good results to the end client. Well, from there I want to show you a few other things and how we make those visuals easy. Because it's not just that, right? There's a lot more to the planning experience with your clients. And one of the cool features we rolled out a little while ago is what we call our snapshot. And this lets you create a 1 to 2 page dashboard for the client as well as a report, so you can actually pick and choose different widgets or modules from throughout the platform. Find the ones that are most relevant to the client. So here's our probability success. You can add in text boxes if you want to call out specific things. There's our Monte Carlo simulation, the stress test that we just went through and really make it specific, to those areas that we cover with the client. So create that nice simple one pager. It's very easy to modify. You can simply drag and drop if you want to move things around, or add any of the additional items you want. And again, this can be visible to the client online in the portal, as well as in any reports that you would like to generate. From there we have another item that we call blueprint. There's also very commonly used with with all of our clients or advisors use with their clients, and it gives a nice visual of the household. So you see, the overall net worth shows what's on one side versus the other jointly held. So maybe they're a little lopsided and that could be in conversation. It makes it easy to see that. It also gives a nice timeline of their goals when they kick in and how much they are. If I wanted to edit something, I could do it right here. I don't necessarily have to leave. This section, I could jump just it right there and then it'll update the whole plan, and then it gives a quick snapshot of their income, savings and expenses as of current. So a nice easy visual view. Those two sections are what a lot of our advisors, provide to clients for their plans and takes what was, you know, historically 60, 70 pages worth of data and combines it all into a couple of pages. And from there, we even go a step further because we have all that information. As I mentioned, you can drill into all the numbers anywhere you like. You give your clients full access to all that detail as well. But, well, one of the things we did was create what we call a waterfall chart view of our cash flows. And this is again a nice, simple visual you can go to any year and look at how those inflows and outflows look and adjust it down. So in this case you know Josh is still 64. There's still work. And if we want to flip it over to the year he retires. And it'll tell you right there there we see right. No more inflows from salary. They've got their expenses and their assets, our goals kicking in and so on. It gives a nice simple visual. Again, to that point, all the data is here. If you want to drill into every number year by year, line by line. All that information is here in our cash flow plans. As I mentioned, that's what I'm using for today's, quick synopsis. So hopefully that gives you a good sense, of our capabilities. Again, we have a lot more tools, that we can utilize here. But for today, we're going to keep it focus just on the Josh and and scenario and walk through that. So with that I'm now going to jump back over the slides and we'll talk a little bit about the integration. So integrations are key within our platform. And you saw the cool and great features that Broadridge has over there. Now the best thing to do is get that data in right and update the plan. For two primary purposes. One, save you time, right. So you're not key and information manually to, to keep it current. You know, we like to say, you know, having a living, breathing plan is the best way to keep clients engaged and on track. So that way they're seeing, when that information comes over, the projections update. So with broad rates, really simple to go in, and sync up that integration, you go over, to their site, you're going to put your, wealth, aggregation of insights credentials in, do the verification, get your token. And then you'll be able to log in and click on that administrative tab and select that user. From there you can see the information around the API keys. You'll find two sections. Generate a new one APIs. You can create your new API key and then copy public key and private keys into the right capital. Click connect button as you can see on the screen here. So very simple easy to do once you've. Now you can link up those accounts. And it's very simple on the right capital side, when you're in the plan, you could be in that, profile area where I showed you the blueprint. There's a network section, and that's where you're adding or linking, all their assets and liabilities. Once you've set that up, you'll now see an option for investor. Go, right under that link account. When you click on that, it'll pull up your list of clients. You check a box next to them. And now I'm going to link that to the plan. And then it's going to pull all that information in all the holdings date information. Pass that over to the plan, update all the projections and then sync that on going. So that way it'll keep it current and keep all the information, ready to go. So really simple. Really easy to do, but incredibly important. Right to one save time but to keep everything up to date and current. So those projections are showing, those true scenarios, for the client out there. So, with that being said, I'm going to go through just a couple other comments here, on right capital. You know, again, our flexibility is one of our biggest strengths that really allows you, the advisor, to engage the clients in the way that they want to be engaged. Everything's modular that hopefully you saw there. You can pick and choose. You can even iterate. We even have a digital onboarding process. So if you want to evolve them in that, you can they can even do it on their mobile phone in many cases. Because with that app we have, they can link accounts, go in and put information in other details and allows that real time collaboration. And then another item that hopefully you got a little glimpse of is our tax strategies and platform. You can do projections, distribution, analysis, look to find what's going to show the value that you can help bring to those clients right then in there. And it really keeps them enticed to that plan, because you're seeing information that you're enabling them to do more and hopefully, you know, be more successful. And then lastly, hopefully you agree, we have some great visuals to really make it digestible for the clients. Like I said, we have all the spreadsheet data in there. If you want to see 30 years of projections in all the cash flows. But at the end of the day, most often clients just want to see something that shows them the pertinent items. So that's where we've seen a lot of adoption of the snapshot, the blueprint, and then those waterfall charts. And again, take something that might have been 60 or 70 more pages in the past and turns it down in just to a handful. That gives the client exactly what they need. And again, that could be both online and in print if you want to generate that hard report. So with that, before, we jump into Q&A, we'd love to talk to you more, show you, information on right capital. Feel free to reach out to us and we'll leave the screen up as we go through some of the questions. For both Broadridge and write capital. But those are the key items, that I wanted to cover here today. So with that, I think we can dive into, some questions, if we have any out there. Again, if you feel, you have something on mind, please just type it into the Q&A box and we'll address it right there. So we can, go through whatever you might, be looking to see. I know some of the common things that we see often here in, in today's no different, we get questions around, pricing and recording for the today's program. Again, from, right capital side, we have different tiers. It is a per advisor license fee, with different, discounts available. But, what I showed you here today is what we call our premium subscription. And that starts at, $180 a month for an advisor. So we'd love to show you how that works and and give you more details on that. So let's.


Speaker 2 : Just, real quick, just to add a little closing thoughts. I know it was referenced around invest ago. We are the artist formerly known as investor go. Those who have been in the, aggregation space for a while might have known as by that name, we we purposely changed our name, beginning of, beginning of last year or early, early this year, really in kind of a, purposeful manner to, to highlight the change in the evolution of the product to be more than just performance reporting and aggregation. Right? So when you see wealth aggregation and insights, it's synonymous in essence with investing go from what was offered before. But there's a lot more that we have on the platform now. And that's that's why we went through that, that name change. I just want to add that instead.


Speaker 1 : No, no, thank.


Speaker 2 : You for that. Connect the dots.


Speaker 1 : Yeah. Yeah, absolutely. I know, when you go through the transitions, sometimes people will have a different views on, on different, aspects. We'll update that slide there so it can be, more current from that perspective. Again, if anybody has any questions feel free to type it in there. I think we, covered a lot of good stuff, so I don't see any further ones coming in. So with that. Anything else you want to address before we wrap up today's show?


Speaker 2 : Now, please reach out to us if there's, feedback, other deeper dive demos you want to set up or, all access here. And, thanks again. Appreciate the time.


Speaker 1 : Excellent. Well, thank you, Paul, and thank you, everybody. We'd love to talk to you as well. Our information for both Broadridge and Right Capital is on the screen. Please feel free to reach out. And we look forward to talking to you soon. Thank you, everybody and have a great afternoon.


Speaker 2 : Thank you.

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